Tepid trading activities on the Nigerian equities market as the NGXASI closed on a flattish note, appreciating marginally by +0.02% in the day. Though most stock closed unchanged, the index’s performance was on account gains recorded in Oando (+4.13%) , Ardova (+3.33%), Cutix (+2.73%), Sterlnbank (+1.31%), ETI (+0.93) and Guinness (+0.63%). Nevertheless, market breadth closed in the negative region as Afriprud (-5.51%), Vitafoam (-2.60%), Mansard (-1.10%), Fcmb (-0.64%), Fidelitybk (-0.42%) and Zenithbank (-0.20%) all declined in the session.
Market turnover was meagre at N1.66bln ($4.03 mln), though buoyed by trades in GTCO and Dangcem. The YTD return on the NGX index moderated to -3.62%. We expect the market to maintain a similar trading pattern in the coming session.